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Sabica (nil)     08 April 2021

Senior citizen selling their only home

We are senior citizens selling our only home for retirement and living with my daughter and her family. As I am depending on this liquid money I wont be buying any property. Do I have to pay Capital gain tax on sale of my only house? Thanks


 3 Replies

M.JAYAPAL RAJAN   08 April 2021

You need not pay capital gain tax for two years.After that you have to pay regular taxable income in line with senior citizens category

Sankaranarayanan (Advocate)     08 April 2021

 As for as capital gain concern we can not put suggestion without ascertain  capital gain tax . What is your  property sale consideration and what is your property value when your purchases?  So better to seeking advise for a local Tax lawyer  or chartered account 

k.n.VIJAYAKUMAR   25 April 2021

you cannot avoid  Capital gains . If you are a senior or super senior citizen - the taxes may be slightly less , but that is only on the income . Since the Capital gains are treated differently you cannot escape. How ever you can plan, & invest in capital bonds, - but this is also limited to 50 lac, & has locking period. 

You can also consut  an auditor , & try to reduce the capital gains - u can show / account for repairs, & get them indexed , can deducts for paying brokerage , . also if the property Is on a single name - make a settlement & add your spouse .  You may be able to split the capital gains also.

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